DUBAI, August 7, 2024 — Ripple, the leading provider of enterprise blockchain and crypto solutions, has announced plans to partner with the DIFC Innovation Hub, the thriving innovation ecosystem of the Dubai International Financial Centre (DIFC), to accelerate blockchain and digital assets innovation in the UAE. The new partnership will connect the next generation of developers with the DIFC Innovation Hub, the largest innovation community in the region and home to more than 1,000 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators and educational entities.
The partnership between Ripple and the DIFC Innovation Hub will provide the means to drive blockchain and crypto adoption amongst early-stage companies and scale-ups as well as to introduce and position the technology with traditional large strategic institutions and their use cases.
“The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,” said Brad Garlinghouse, Ripple Chief Executive Officer. "Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region's start-ups and scaleups building real use cases."
Ripple has committed one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL), the decentralised, layer 1 blockchain. Through the commitment, Ripple will provide financial, technical, and business support to developers. Since announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL, reaching 47 countries to date, across a wide range of use cases spanning decentralised finance (DeFi), to Real World Assets (RWA), and other groundbreaking new solutions.
Arif Amiri, DIFC Chief Executive Officer, added: “Today marks another milestone in DIFC's ongoing journey to help facilitate growth and equip the next generation of leaders with everything they need to succeed. The Ripple collaboration further cements DIFC’s role as a leading global hub for talent, technology and innovation, as we continue to enhance our ecosystem powered by a world-class regulatory jurisdiction, to drive the future of finance.”
The Ripple Middle East and Africa (MEA) regional office is located within the DIFC and in November 2023, the DIFC approved XRP for use within the Centre. Since that date, licensed virtual asset firms within the DIFC can incorporate XRP into their virtual asset services. This milestone is generating new economic value by fostering blockchain innovation in Dubai.
Mohammad Alblooshi, Chief Executive Officer, DIFC Innovation Hub, added: “We are thrilled to literally see the Ripple effect manifesting itself at the DIFC Innovation Hub for the benefit of our growing community of FinTech and Innovation firms. The agreement will also ensure that innovative development in the blockchain and cryptocurrency sectors have the funding and industry-leading support required to turn new ideas into a tangible and impactful reality”.
"The UAE's progressive approach to fintech, coupled with Ripple's billion XRP developer fund, creates a fertile ground for innovation in the UAE," said Reece Merrick, Ripple Managing Director, Middle East and Africa. "Our new collaboration with the DIFC will empower regional talent to build the next generation of financial solutions on the XRP Ledger, solidifying the UAE’s position as a leading fintech hub globally.”
Ripple was the first company to address the multi-trillion-dollar pain points associated with cross-border payments, utilising blockchain and crypto at scale. Ripple’s payment and custody infrastructure has experienced continuous global growth, with payments solutions available in more than 80 payout markets, representing over 90% of the global foreign exchange market, and live custody offerings in 20 jurisdictions. Additionally, Ripple recently announced the intention to launch a USD-backed stablecoin to bring more liquidity to the XRPL and has supported improvements to the XRPL including the recent AMM Amendment.